HANNOVER LEASING sells educational campus 'Haus des Lebenslangen Lernens' in Dreieich to Montano Real Estate

EQS-Media / 04.10.2023 / 07:25 CET/CEST   HANNOVER LEASING sells educational campus "Haus des Lebenslangen Lernens" in Dreieich to Montano Real Estate

• Very good performance over the term for investors
• Trend-setting and sustainable utilization concept of public education as a key to success
• Purchase price of approx. € 116m – one of the largest single transactions on the German commercial real estate market in 2023
   

München, 4 October 2023 – Hannover Leasing, a subsidiary of Corestate Capital Group (Corestate), has successfully sold "Haus des Lebenslangen Lernens, Dreieich ("HLL") for a closed-end public fund it manages, despite a challenging market environment. The buyer is the investment and asset manager Montano Real Estate.

Innovative and pioneering educational concept

With the highly acclaimed education project “Haus des Lebenslangen Lernens”, Campus Dreieich, the district of Offenbach in Hesse together with OFB-Projektentwicklung as project developer and Hannover Leasing as financing partner, had implemented the education concept of the European Council and the "Strategy for Lifelong Learning" of the federal and state governments. The education center in Dreieich-Sprendlingen, which was partly refurbished or converted and partly newly built from 2007 onwards, is now an important component of the public social infrastructure. It brings together various forms of schooling, education and childcare in the Offenbach district in a campus for intergenerational learning. On the HLL site, children learn alongside young professionals, adult education students, students and retirees.

The educational campus was completed in 2008 with a total area of approximately 32,500 square meters and its own parking garage. The HLL is fully leased to the Offenbach district until 2038.

High transaction security thanks to price escalation clause

In order to take account of the volatile interest rate development up to the planned closing at the end of September, a price escalator clause was integrated into the purchase agreement. If market interest rates continued to rise, the purchase price was to fall, while it was to rise if interest rates fell. This mechanism gave both sides transaction security. With a purchase price of around € 116m, the sale is one of the largest single transactions on the German commercial real estate market in 2023.